MKT 100 Lecture Notes - Lecture 2: Competitive Advantage, Mp3 Player, Swot Analysis

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Anthony Francescucci

Document Summary

Marketing strategies identify: firm"s target market, related marketing mix (4 p"s, bases upon which the firms plan to build a sustainable competitive advantage. Sustainable competitive advantage: is an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. Competitive advantage: is a wall that the firm has built around its position in the market. Which makes it hard for competitors to contact customers inside. Starbucks: customers want the warm and social atmosphere with there coffee. Tim hortons: customers want a fair priced coffee, going in and going out fast. Focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages: customer excellence. Focuses on retaining loyal customers and excellent customer service. Meaning customers coming back to the brand/service more times rather than just once. Example: loyalty membership/programs that offer reward points. Competition is hard pressed to develop a comparable reputation: operational excellence.